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- Title
COMPARAÇÃO DOS MODELOS DE AVALIAÇÃO DE EMPRESAS COM BASE NO FLUXO DE CAIXA DESCONTADO E NO LUCRO RESIDUAL: ESTUDO DE CASO DE UMA EMPRESA DE ENERGIA ELÉTRICA.
- Authors
Saurin, Valter; Lopes, Ana Lúcia Miranda; da Costa Junior, Newton Carneiro Affonso
- Abstract
Among business valuation methodologies, the most widely used models are based on discounted cash flow and residual income methodologies. Each model has its own particular characteristics and supplies different information. But, theoretically, they should give equivalent financial results if the same data base is used. The objective of this study is to determine if there are methodological conflicts among the models when the same basic data is used or if the results are the same. A real case analysis of a public utility company was carried out, using the discounted cash flow and the residual income models, the results were compared to the negotiated price, which was adjusted to represent 100% of equity. The results show great differences among the values themselves and with the sales price of the company under study.
- Subjects
CASH flow; BUSINESS valuation; RESIDUALS (Payments); DISCOUNTED cash flow; PUBLIC utility holding companies; FINANCE; ENERGY industries
- Publication
RAM. Mackenzie Management Review / RAM. Revista de Administração Mackenzie, 2009, Vol 10, Issue 1, p89
- ISSN
1518-6776
- Publication type
Article
- DOI
10.1590/S1678-69712009000100005